To implement the "industry 4.0" strategy and increase the rate of economic growth in Russia, it is necessary to digitalize the management processes of economic development of production systems in conjunction with their technological development. It is shown that the practical interpretation of the theory of endogenous economic growth is possible on the models of technological development of individual companies. The indicator of the technological progress rate has been identified for the models of exogenous economic growth and the coefficient of the technological production level has been proposed, which can be quantified according to statistical reports. Its absolute value depends on the level of capital equipment of production systems, and the growth is associated with a significant update of the active part of fixed assets on a new technological basis. It is established that technological development of production systems is possible in four directions, but the first and fourth directions can be realized in two variants reflected in the corresponding matrix. We have investigated the relationship between these areas and the sequence of transition from one direction to another, characterizing the life cycle of technological development of production systems. We have presented a graphical model of such a cycle including six stages. For each stage of development, the economic indicator (material efficiency, capital efficiency or coefficient of level of technological development) is defined. We have developed a practical method for calculating the moment of time showing the completion of each individual stage. It is shown how the transition of one stage to another has an impact on the change in the cost of production of enterprises. Optimum moments of time for changing the production technology or improving it are defined. Thus, it is revealed that the new equipment or technology for further increasing the production efficiency has to provide the necessary level of capital productivity, and the way of calculating this level is offered. To manage the effective technological and economic development of production systems, it is necessary to additionally include the coefficient of the level of technological efficiency of production and the investment and innovation leverage in the system of Balanced Indicators. It is offered to use the interrelation of processes of technological and economic development of production systems with calculation of the corresponding indicators when carrying out the investment and innovation analysis and forecasting of results of innovative activity, which determines the possibility of digitalization of management of these processes.